How to Convert Bitcoins to Dollars

Exchanging bitcoins to an useful currency.

Bitcoins seem to have been heralded by most as the currency of tomorrow, but there are only a handful of sites that agree to accept them. Luckily for us, transforming bitcoins to a workable currency like dollars is simple and plain. If you desire to be aware of just how much bitcoin is worth, run a simple net search. If you want to essentially convert bitcoin to dollars, transfer them in an internet market and sell them to an interested consumer. The online marketplace might promptly and easily convert your bitcoins to dollars and transmit them to a debit card, bank account, or digital wallet of your determination.

Selecting a Conversion Service.

1) Compare the rates made available by diverse conversion services and determine the top one.

Equally when the general bitcoin conversion rate improves, several conversion services provide you with diverse conversion rates. For example, think one service gives to convert your bitcoins at a rate of 1 to $5000 USD and one other offers to turn 1 bitcoin in to $5250 USD. All additional things getting equivalent, you should go along with the second service to acquire the most of your bitcoins.

2) Convert your bitcoin adding a service with low fees.

Conversion services often ask for a fee. Usually there is a flat fee if how highly you exchange, and often the conversion service charges a segment of the sum you exchange. Evaluate the costs associated with the numerous conversion services and choice one that offers you the ideal deal. Service fees modify over time, so make sure to verify the services terms and fee routinely.

3) Confirm that the service you’re utilizing is safe.

Generally there are a handful of ways to authenticate that a bitcoin conversion web page is harmless. One is to check review sites for testimonials. One other method is to ensure the website uses https (as opposed to the less comfy http) in their URL. At last, implement a conversion service that permits two-factor identification, making certain that simply you will likely be able to confirm bitcoin conversions.

4) Choose a service that has low transfer time period.

A bit of web sites transfer bitcoins to your account just after 2 days, but quicker services may convert your bitcoins to dollars in 2 hours or even less.

Enrolling and Uploading Your Bitcoin.

1) Register for an account.

Enrolling for an account comes to providing your name, date of birth, address, email address, telephone number, and other personal data. You’ll also need to provide bank account information, an online payment service like PayPal, or similarly (depending on in what way you want to convert and transfer your bitcoins).

2) Decide on the most effective security options every time you sign up.

Each time you obtain an account on a bitcoin marketplace, you’ll have the probability to let two-factor authentication, which will results in you would enter a password and a randomly built code sent to your cellphone. You may also wish to let a multi-signature option, which in turn requires innumerable independent approvals in advance of producing a bitcoin conversion or withdrawal. Both of these kinds of security settings can safeguard you from theft and hackers.

3) Deposit your bitcoins in the markets.

The specific mechanism by which usually you deposit your bitcoins should differ subject to how your bitcoins are really today stored. Primarily, depositing your bitcoins is as easy as clicking deposit bitcoins, on the top of the marketplace’s web site. No matter your bitcoin encryption key factor is printed out, you’ll be advised to enter into it. Regardless whether your bitcoins are in a wallet (an encrypted file or code), you could be asked to upload the file. Don’t be afraid to contact customer support in the event you’re having problem depositing your bitcoins.

Exchange Rates.

Convert your bitcoins in the event that the exchange rate is very good. Across time frame, exchange rates climb and fall down. As a representation, one day the exchange rate may well allow you to trade 1 bitcoin for $4900. A week later, the exchange rate may perhaps provide $5150 meant for 1 bitcoin. Hold out to exchange your bitcoins right up until the according dollar worth increases. Presently there is no fixed segment or worth that specifies a helpful exchange rate. Some people may possibly experience that if the worth of a bitcoin springs up by $100, it is an OK instance to convert their currency. Some people may delay until the value they’d get springs up by 5 percent. Confirm the exchange rate constantly online or sign up intended for a service that updates you on the bitcoin-to-dollar exchange rate so you can understand when it improves.

Sell off your bitcoins in the market place.

Offer your bitcoins in the current market. Several marketplaces permit you to sell your bitcoins to another person. Individuals enable you to sell them instantly to the market place, which usually will after that resell them to interested buyers later on. In either case, the certain manner you implement to sell off your bitcoins will differ slightly according to the market place you make use of. Most of the times, you can merely click on Sell your bitcoins or some equivalent choice to get the process initiated. The bitcoins will the be turned to dollars and moved to the bank account you offered.

Save your bitcoins on a debit card.

Place your bitcoins on a debit card. A handful of marketplaces let you to load your bitcoins on to a debit card that conveniently converts them to dollars. You may be able to acquire an online digital debit card, which usually only supplies you with a string of figures you can adopt for online purchases that need to have dollars, or you can generate a basic debit card in the mail. Similarly these kind of debit cards cost money, but they present an added benefit, exclusively if you pretty much never make use of cash.

Transfer your bitcoins to another digital wallet.

Switch your bitcoins to one different online wallet. Several bitcoin conversion services make it easy for you to convert your bitcoins to dollars by switching them to PayPal, Apple Pay, or similar services. If this is the approach you want to convert your bitcoins to dollars, put your payout method to the online digital wallet you want to use. Then simply, basically sell off or transfer your bitcoins to the service of your determination by using the marketplace menus. Transforming bitcoins to dollars by transferring them to an online wallet sometimes has bigger fees and reduce limits than transferring them to your bank account. This alternative may perhaps, nonetheless, be much better intended for users who do online acquisitions repeatedly and don’t wish the inconvenience of relocating their money from a bank to an online wallet.

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How to Buy Bitcoin – Step One

The best way to learn about bitcoin, is to jump in and get a few in your “pocket” to get a feel for how they work.

Despite the hype about how difficult and dangerous it can be, getting bitcoins is a lot easier and safer than you might think. In a lot of ways, it is probably easier than opening an account at a traditional bank. And, given what has been happening in the banking system, it is probably safer too.

There are a few things to learn: getting and using a software wallet, learning how to send and receive money, learning how to buy bitcoin from a person or an exchange.

Preparation

Before getting started, you will need to get yourself a wallet. You can do this easily enough by registering with one of the exchanges which will host wallet for you. And, although I think you are going to want to have one or more exchange wallets eventually, you should start with one on your own computer both to get a better feel for bitcoin and because the exchanges are still experimental themselves. When we get to that stage of the discussion, I will be advising that you get in the habit of moving your money and coins off the exchanges or diversifying across exchanges to keep your money safe.

What is a wallet?

It is a way to store your bitcoins. Specifically, it is software that has been designed to store bitcoin. It can be run on your desktop computer, laptop, mobile device (except, as yet, Apple) and can also be made to store bitcoins on things like thumb drives. If you are concerned about being hacked, then that is a good option. Even the Winklevoss* twins, who have millions invested in bitcoin, put their investment on hard drives which they then put into a safety deposit box.

*The Winklevoss twins are the ones who originally had the idea for a social networking site that became Facebook. They hired Mark Zuckerberg who took their idea as his own and became immensely rich.

What do you need to know about having a bitcoin wallet on your computer?

Below you can download the original bitcoin wallet, or client, in Windows or Mac format. These are not just wallets, but are in fact part of the bitcoin network. They will receive, store, and send your bitcoins. You can create one or more addresses with a click (an address is a number that looks like this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). You will see a field where you can copy and paste a number like this from a person you want to send money to and off it will go directly into that person’s wallet. You can even create a QR code which will let someone take a picture with an app on their phone and send you some bitcoin. It is perfectly safe to give these out – the address and QR code are both for my donations page. Feel free to donate!

NOTE: This type of wallet acts both as a wallet for you and as part of the bitcoin system. The reason bitcoin works is that every transaction is broadcast and recorded as a number across the entire system (meaning that every transaction is confirmed and made irreversible by the network itself). Any computer with the right software can be part of that system, checking and supporting the network. This wallet serves as your personal wallet and also as a support for that system. Therefore, be aware that it will take up 8-9 gigabytes of your computer’s memory. After you install the wallet, it will take as much as a day for the wallet to sync with the network. This is normal, does not harm your computer, and makes the system as a whole more secure, so it’s a good idea.

Bitcoin Qt

The original wallet.
This is a full-featured wallet: create multiple addresses to receive bitcoins, send bitcoins easily, track transactions, and back up your wallet.
Outside of the time it takes to sync, this is a very easy to use option.
Search for Bitcoin Qt wallet download to find their site.
Armory

Runs on top of Bitcoi Qt, so it has all of the same syncing requirements.
Armory allows you to back up, encrypt, and the ability to store your bitcoins off line.
Search for Bitcoin Armory Wallet to find their site.
If you don’t want to have that much memory used or don’t want to wait for your wallet to sync, there are good wallets that do not make you sync the entire history of bitcocin:

Multibit

A lightweight wallet that syncs quickly. This is very good for new users.
Search for Bitcoin Multibit Wallet to find their site.
Electum

In addition to being quick and light, this wallet allows you to recover lost data using a passcode.
Search for Bitcoin Electum Wallet to find their site.
After you get the wallet set up, take a few minutes clicking around. Things to look for:

o There will be a page that shows you how many bitcoins are currently in your wallet. Keep in mind that bitcoins can be broken up into smaller pieces, so you may see a decimal with a lot of zeros after it. (Interesting note, 0.00000001 is one Satoshi, named after the pseudonymous creator of bitcoin).

o There will be an area showing what your recent transactions are.

o There will be an area where you can create an address and a QR code (like the one I have above). You don’t need the QR code if you don’t want it, but if you run a business and you want to accept bitcoin, then all you’ll need to do to accept payment is to show someone the QR code, let them take a picture of it, and they will be able to send you some money. You will also be able to create as many addresses as you like, so if you want to track where the money is coming from, you could have a separately labeled address from each one of your payees.

o There will be an area with a box for you to paste a code when you want to send money to someone or to yourself on an exchange or different wallet.

There will be other options and features, but to start out with, these are the items that you should know about.

Getting Your First Bitcoins

Now that you have a wallet, you will, of course, want to test them out.

The very first place to go is http://faucet.bitcoin.st/.

This is a website that gives out small amounts of bitcoin for the purpose of getting people used to using them. The original version of this was run by the lead developer of bitcoin, Gavin Andreson. That site has since closed and this site operates by sending out one or two advertisements a month. You agree to receive those messages by requesting the bitcoins. Copy and paste your new bitcoin address and enter a phone number to which you can receive an SMS. They send out an SMS to be sure that people are not continuously coming back for more since it costs nothing to create a bitcoin address. They will also send out once or twice a month advertisement to support their operation. The amount they send it trivial: 0.0015 BTC (or 1.5 mBTC). However, they process almost immediately and you can check to see that your address and wallet are working. It is also quite a feeling to get that portion of a bitcoin. (Non-disclaimer: I have no connection with this site and receive nothing if you use them. I simply think they are a good way to get your feet wet).

Congratulations! You have just entered the bitcoin economy.

To get your feet a little wetter, you can go panning for gold. There are a number of services and websites out there that will pay you in bitcoin to do things like go to certain websites, fill out online surveys, or watch sponsored videos. These are harmless, and you can earn a few extra bitcoins this way, but it is important to remember that these are businesses that get paid when people click on the links on their sites. They are essentially kicking back a portion of what they get paid to you. There is nothing illegal, or even immoral about this (you might like what you see and make a purchase!), but they are frequently flashy and may not be completely straightforward. All the ones that I have tried (particularly bitvisitor.com) have paid out as advertised. It is interesting to experiment with these, but even with the likely rise in the value of bitcoin, you won’t become a millionaire doing this. So, unless you are an advertisement junkie, I would recommend you move on. If you would like to try, simply Google “free bitcoins” or something along those lines and you will find numerous sites.

Buying Bitcoin Hand-to-Hand

Finally, this is going to be the real test of bitcoin. Can people easily trade them back and forth? If this can’t happen, then there can’t really be a bitcoin economy because retailers won’t be able to use it. If retailers can’t use it, what earthly good is it? Fortunately, this is not really a problem. iPhone is a bit of a hold out, but many smartphones have apps (mobile wallets) that will read QR codes and allow you to send bitcoin to whomever you want. You can also display a QR code of your address, or even carry a card in your wallet with your QR code to let people send bitcoin to you. Depending on what kind of wallet you have, you can then check to see if the bitcoins have been received.

A couple of things to note:

When you set up your wallet, if you click around a bit, you will see an option to pay a fee to speed transactions. This money becomes available to a bitcoin miner as he/she/they process bitcoin information. The miners doing the work of creating blocks of information keeps the system up to date and secure. The fee is an incentive to the miner to be sure to include your information in the next information block and therefore “verify” it. In the short term, miners are making most of their money by mining new coins (check the section on What Are Bitcoins for more information about this). In the long term, as it gets harder to find new coins, and as the economy increases, the fees will be an incentive for miners to keep creating more blocks and keep the economy going. Your wallet should be set to pay 0 fees as a default, but if you want, you can add a fee to prioritize your transactions. You are under no obligation to pay a fee, and many organizations that process many small transactions (like the ones that pan for gold described above) produce enough fees to keep the miners happy.
In clicking around your wallet, on the transactions page or linked to specific transactions, you will see a note about confirmations. When you make a transaction, that information is sent out into the network and the network will send back a confirmation that there is no double entry for that bitcoin. It is smart to wait until you get several confirmations before walking away from someone who has paid you. It is actually not very easy to scam someone hand-to-hand like this, and it is not very cost-effective for the criminal, but it can be done.
Where can you buy bitcoin like this?

You may have a bitcoin Meetup in your area.
You can check out localbitcoins.com to find people near you who are interested in buying or selling.
Some are trying to start up local street exchanges across the world. These are called Buttonwoods after the first street exchange established on Wall Street in 1792 under a buttonwood tree. See if there is one, or start one, in your area.
See if you have any friends who would like to try bitcoins out. Actually, the more people who start using bitcoin, the larger and more successful it will be come. So please tell two friends!
Some people ask if it is possible to buy physical bitcoins. The answer to this is both a yes and a no. Bitcoin, by its very nature, is a digital currency and has no physical form. However, there are a couple of ways that you can practically hold a bitcoin in your hands:

Cascascius Coins: These are the brainchild of Mike Caldwell. He mints physical coins and then embeds the private keys for the bitcoins inside them. You can get the private key by peeling a hologram from the coin which will then clearly show that the coin has been tampered with. Mike has gone out of his way to ensure that he can be trusted. These are a good investment strategy as in the years to come it may be that these coins are huge collector’s items.
Paper Wallets: A paper wallet just means that rather than keeping the information for your bitcoin stored in a digital wallet, you print the key information off along with a private key and keep it safe in a safe, in a drawer, or in your mattress (if you like). This is highly recommended and cost effective system for keeping your bitcoin safe. Keep in mind, though, that someone could steal them or if your house burns, they will go with the house and there will be no way to get them back. Really, no different than cash. Also, as with Casascius Coins, they will not really be good for spending until you put them back into the computer.
* There is software to make printing your paper wallets easier. bitcoinpaperwallet.com is one of the best and includes a good tutorial about how to use them.

* The bitcoins are not actually in the wallet, they are still on the web. In fact, the outside of the wallet will have a QR code that will allow you ship coins to the wallet any time you like.

* The sealed part of the wallet will have the private key without which you cannot access the coins. Therefore, only put as many coins on the wallet as you want to be inaccessible. You will not be able to whip this thing out and take out a few coins to buy a cup of coffee. Rather, think of it as a piggy bank. To get the money, you have to smash it. It is possible to take out smaller amounts, but at this point the security of the wallet is compromised and it would be easier for someone to steal the coins. Better to have them all in or out.

* People who use paper wallets are usually security conscious, and there are a number of ways for the nefarious in the world to hack your computer. Bitcoinpaperwallet.com gives a lot of good advice about how to print your wallets securely.

Some people have also asked about buying bitcoins on eBay. Yes, it is possible, but they will be far overpriced. So, selling on eBay might seem to be a better option given the extreme markup over market value you might see. But, as with anything that is too good to be true, this is too good to be true. As I will explain in the next section, selling bitcoin this way is just way too risky.

How Not to Buy Bitcoin

In the next section, I am going to explain a couple of key points about buying from Bitcoin Exchanges. Before I do, let me give you a warning.

A short history lesson: When people first started setting up actual business based on bitcoin, they used all of the tools available to any merchant. They sold by credit card and PayPal. The problem with this business model was quickly spotted: bitcoin transactions are not reversible by anyone except the recipient of the money. Credit cards and PayPal have strong buyer protection policies that make it relatively easy for people to request a chargeback. So, nefarious individuals realized this and began making purchases of bitcoin and then sooner or later requesting a chargeback. And, since bitcoin is a non-physical product, sent by new and poorly understood technological means, the sellers were not able to contest this. Because of this, sellers stopped accepting credit cards and PayPal.

This was a big problem for the currency: How to move money between buyers and seller? Some business emerged that would credit you with bitcoin if you wired them money. Very often these businesses would give addresses in Albania, Poland, or Russia. The fact is that many of these did work and there are a lot of stories on the forums of people who bought bitcoins this way. But it took a lot of time and in the meantime the buyer just had to bite his or her fingernails wondering if they would get their bitcoins or kiss their investment goodbye.

I expect that as bitcoin becomes more acceptable and valuable, we are going to see a version of the Nigerian Prince scam. So the warning is this: we now have exchanges and other businesses that allow for moving money easily onto and off of exchanges. Never wire money for bitcoin. It was a short-lived, and well-forgotten, moment in the history of bitcoin.

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Merchant Cash Advance – Processing, Pros and Cons

A Merchant Cash Advance (MCA) or Business Cash Advance is a loan variety that lends money to companies and start-ups promptly and efficiently. Business financing options, along with short payment terms of generally 24 months and regular recompenses, paid on each working day, characterize the MCA. The system opposes the usual larger monthly payments of traditional bank loans and associated longer disbursements terms.

Overall, MCA may be used to describe short-term business loans and future receivables of credit card sales. This type of financing is available to businesses, having stable and continual credit card dealing, including restaurants, retail stores, pharmacies, etc.

How Does A Merchant Cash Advance Work?

The process of getting a merchant cash advance is generally a quick one. The foremost step is the identification check of the business that wants the loan. The documentation needed for it include:

Government-issued identity proof
Bank and credit card statement processing
Business tax returns
Once the identification approval is processed and done with, it is only a matter of days before the business receives its borrowed amount. Subsequently, they receive a lump sum amount and pay it back through sales generation to customers.

To pay back the loan amount, the borrower offers a percentage of the sales, as specified in the contract, to the lender daily. It may also be done through the connected merchant account, calculated based on sales processed through debit and credit card. In this case, cheque and cash sales do not count in the daily quota.

The compensations can also be taken directly from the borrower’s bank account through Automated Clearing House (ACH) payments. By this logic, small-scale businesses with low credit and debit sale rates can also qualify for MCA if they opt for ACH repayments.

Borrowable MCA amounts range from a few thousand dollars to over two hundred thousand dollars. Irrespective of the rented sum, the payback time is usually very brief. In most cases, it is about 18 months or so.

Pros of MCA:

MCA has several benefits, some of which include:

An Effortless Application Process: MCA entails a quick application process, and money borrowing is possible in a day. It is also easy to qualify as, in this case, loan credit history is less significant than sales history.
Flexibility: MCA allows numerous payment plans and methods and permits the borrowers to use the funds as they see fit. Since the payments depend on a percentage of daily transactions, the debtors do not have to pay back if they have low income. It results in cash flow issues that can lead the business to deeper debt.
Absence of collateral: MCA loans are unsecured, meaning that it does not tie the borrowers to any collateral. For businesses with limited assets, this feature is a godsend.
Cons of MCA:

The disadvantage of MCA encompasses:

Potential Cash Flow Problems: MCA requires a specific amount of the borrower’s future sales dedicated to paying back the borrowed amount. This results in cash flow issued that can lead to a deeper debt for the business.
Comparatively Higher Costs: The cost to get an MCA, as factor rates and not interest rates, is much higher than many other types of funding. Factor rates do not depend on a specific period, and thus, paying off in advance does not help save money.

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